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and timothy geithner has told the cnbc the swhous ready to go over the fiscal cliff if tax rates on the nation's wealthiest don't rise. dag gri announces the rate decision later about plus apple shares still down in frankfurt. and its shares of the chinese market drop in the third quarter. >>> deutsche bank has hit back at allegations of financial impropriety brought by three former employees. according to reports, the ex-deutsche workers have launched a complaint with u.s. authorities alleging the bank failed to recognize $12 billion in unrealized losses at the height of the financial crisis. they claim improper accounting on the part of the deutsche bank enabled the lender to exaggerate its capital position. and citigroup plans to shed 11,000 jobs around the world which equals around 4% of its workforce. some experts say this is part of a strategy led by their new coe who took job in october, however others say it has the finger prints of chairman michael o'neal. citi shares reacted positively to the news, though the stockstill trading at around 70% of its tangible book value. you can
and timothy geithner has told the cnbc the swhous ready to go over the fiscal cliff if tax rates on the nation's wealthiest don't rise. dag gri announces the rate decision later about plus apple shares still down in frankfurt. and its shares of the chinese market drop in the third quarter. >>> deutsche bank has hit back at allegations of financial impropriety brought by three former employees. according to reports, the ex-deutsche workers have launched a complaint with u.s. authorities...
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cliff is avoided. unlikely, but a reflection of voter frustration as both sides dig in. the white house demanding higher tax rates for the top two tax brackets, and the republicans refusing. after rejecting the obama administration proposal last week, house republicans offered an outline for $2.2 trillion in deficit reduction, mostly through spending cuts. and while president obama would not answer questions about the counterproposal -- >> no deal better than a bad deal, sir? >> reporter: -- a senior white house official assailed it as a step backward, saying if republicans do not agree to some higher rates for wealthier taxpayer, the nation will go over the cliff, and the american people will hold the republicans responsible. wall street remains optimistic a deal will be struck. so the lack of progress is not yet resulted in a market plunge. but some economists estimate that because of the uncertainty posed by the fiscal cliff, at least 200,000 fewer jobs have been created this year. the official dead
cliff is avoided. unlikely, but a reflection of voter frustration as both sides dig in. the white house demanding higher tax rates for the top two tax brackets, and the republicans refusing. after rejecting the obama administration proposal last week, house republicans offered an outline for $2.2 trillion in deficit reduction, mostly through spending cuts. and while president obama would not answer questions about the counterproposal -- >> no deal better than a bad deal, sir? >>...
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Dec 5, 2012
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but it's also important to remember that the fiscal cliff isn't only tax rates and spending cuts. the fiscal cliff also includes the nation's agriculture policy, which expires at the end of the year. it includes patches to medicare formulas. patches to social security formulas. so this is a huge mess of issues. we're not even talking about those issues yet. congressional negotiators and the white house aren't talking about these huge host of other issues that are on the table. the thought is if they can get past tax rates and spending cuts, then they will be able to deal with the peripheral issues. but we don't have much time. if a deal isn't reached or a framework isn't reached in the next week or, so it's going to be a big problem. >> all right, thanks for that. good to see you. > >>> nokia -- we'll tell you more when we come back in a few moments. [ male announcer ] this december, remember -- ♪ you can stay in and like something... ♪ [ car alarm deactivates ] ♪ ...or you can get out there with your family and actually like something. ♪ the lexus december to remember sal
but it's also important to remember that the fiscal cliff isn't only tax rates and spending cuts. the fiscal cliff also includes the nation's agriculture policy, which expires at the end of the year. it includes patches to medicare formulas. patches to social security formulas. so this is a huge mess of issues. we're not even talking about those issues yet. congressional negotiators and the white house aren't talking about these huge host of other issues that are on the table. the thought is if...
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Nov 30, 2012
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the biggest issue that's causing the fiscal cliff is the tax rates going up on the middle class. especially in this time now when we're getting out of this recession. we're seeing some robust growth. we want the christmas sales to be good. if the middle class knew that they're going to keep their tax cut, it would put a smile on everybody's face. and both parties can take credit for it. why won't they do it? there's only one answer. they're obsessed with protecting billionaires and millionaires. it's a sad state of affairs. >> one thing that we've seen in the days leading up, at least through this week, that there has been optimism from both sides expressed by speaker boehner, also by the president, and also republican tom cole, congre congressman, seem to be on board. now we have conservatives like charles krauthammer putting out their pieces saying let's go over the fiscal cliff, let the president do this. then john cornyn, republican from texas, saying apparently the president wants us to go over the fiscal cliff. this is serious business, demanding higher taxes, more stimulus
the biggest issue that's causing the fiscal cliff is the tax rates going up on the middle class. especially in this time now when we're getting out of this recession. we're seeing some robust growth. we want the christmas sales to be good. if the middle class knew that they're going to keep their tax cut, it would put a smile on everybody's face. and both parties can take credit for it. why won't they do it? there's only one answer. they're obsessed with protecting billionaires and...
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and you know, there are some taxes that would go up if we two off the fiscal cliff. you're talking about a family that makes about $50,000 having a tax increase of $4,000. melissa: congresswoman, this drives me crazy. when we look at all the numbers we immediately start taing about taxes. it seems like we're looking for revenue under every single rock. that's fine. even if we raised taxes that are proposed by the white house, it will raise $82 billion. it is one half of 1% of the problem. have a $16.3 trillion debt. all of this talk about raising taxes doesn't get us even close to solving the problem. it doesn't even start the conversation. it is not a drop in the bucket. we've got to reform our spending or grow the economy. but just raising taxes isn't going to do it. >> well, i agree with you 100%. that's why the president as well as the democrats have called for a balanced approach. so of course we can't raise enough taxes to completely deal witthe deficit. and you do have to do reforms. you need to reform the tax system. you certainly need to make additional cuts
and you know, there are some taxes that would go up if we two off the fiscal cliff. you're talking about a family that makes about $50,000 having a tax increase of $4,000. melissa: congresswoman, this drives me crazy. when we look at all the numbers we immediately start taing about taxes. it seems like we're looking for revenue under every single rock. that's fine. even if we raised taxes that are proposed by the white house, it will raise $82 billion. it is one half of 1% of the problem. have...
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Nov 29, 2012
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cliff unless both sides agree to raise rates on the wealthiest. that means raise tax rates for top earners. the reason that this is news is because there's been discussion publicly that perhaps they could find a rev new agreement where it would just involve capping deductions or maybe they could get to revenue just through tax reform, and with this piece of detail from that phone call yesterday, it would seem that the democrats, the president personally, is drawing a line saying those other ways are not enough. his campaign message that the top earners have to pay more, he is sticking to that line many these negotiations. >> jess, do we know how the republicans responded to this red line? >> well, speaker boehner was frustrated, wrovl, and came out with -- in his press conference today basically accusing the president of not leading on the issue. both sides are calling for the white house to come forward with spending cuts first, tell us where you are going to cut spending, before we, the republicans, will say whether we'll go along with you on ta
cliff unless both sides agree to raise rates on the wealthiest. that means raise tax rates for top earners. the reason that this is news is because there's been discussion publicly that perhaps they could find a rev new agreement where it would just involve capping deductions or maybe they could get to revenue just through tax reform, and with this piece of detail from that phone call yesterday, it would seem that the democrats, the president personally, is drawing a line saying those other...
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to go off the fiscal cliff? >> if republicans are not willing to let rates go back up, and we think they should go back to the clinton levels, a time when the economy was doing exceptionally well, then there will not be an agreement. >> let's go to the other side. republican house speaker john boehner also digging in, admitting that talks are going nowhere. speaker boehner also describing the moment when geithner first showed him the president's opening offer. >> i was flabbergasted. i looked at him, i said, "you can't be serious." i've just never seen anything like it. you know, we've got seven weeks between election day and the end of the year. and three of those weeks have been wasted with this nonsense. right now i would say we're nowhere, period. we're nowhere. we've put a serious offer on the table by putting revenues up there to try to get this question resolved. but the white house has responded with virtually nothing. they've actually asked for more revenue than they've been asking for the whole entire
to go off the fiscal cliff? >> if republicans are not willing to let rates go back up, and we think they should go back to the clinton levels, a time when the economy was doing exceptionally well, then there will not be an agreement. >> let's go to the other side. republican house speaker john boehner also digging in, admitting that talks are going nowhere. speaker boehner also describing the moment when geithner first showed him the president's opening offer. >> i was...
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Dec 3, 2012
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if we go off the fiscal cliff and congress doesn't take any action to soften the blow, tax rates will go up quite a lot on dividends, from 15% to more than 40% in most circumstances. there are economists who think that will have a big impact on stock markets and they could go down 10%, maybe 20%. i do not think those effects are as strong as some economists believe. i think it is something the market could get over. you're in a long term tax and vanished savings situation. i think you are basically going to be fine unless you're planning on retiring release soon. i do think that is something you have to keep in mind. diversification out of the assets that are most affected by these kinds of taxes is probably never a bad idea. host: john mckinnon is a reporter for "the wall street journal." he is now in the washington bureau. he was a columnist for "the miami herald." what sectors would be hit harder if deductions and loopholes or taken out of the tax code? guest: the stocks that pay a high dividend. these tend to be utility stocks. there are lots of old, established, u.s. industrial f
if we go off the fiscal cliff and congress doesn't take any action to soften the blow, tax rates will go up quite a lot on dividends, from 15% to more than 40% in most circumstances. there are economists who think that will have a big impact on stock markets and they could go down 10%, maybe 20%. i do not think those effects are as strong as some economists believe. i think it is something the market could get over. you're in a long term tax and vanished savings situation. i think you are...
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the whole fiscal cliff is forcing them to do something. but you nailed it on the specifics. it is tax rates. the president has said that tax rates will go up for the wealthy. republicans won't bend on that. yesterday, john boehner said, we are at a stalemate. yes, this is posturing. yes, this is washington. we have four weeks to go. we're going to have ups and downs. >> ups and downs in the stock market, as well. david, thanks. have a great weekend. >> reporter: you, too. >>> now, to the star college basketball players accused of abusing their position as big men on campus. they're now facing burglary charges for allegedly stealing thousands of dollars of stuff from their fellow students. and abc's john muller is covering the story. john? >> reporter: good morning, dan. hofstra students say iphones, computers and even cash has been disappearing from their dormrooms all semester. one victim used an app to track down her stolen ipad. when the investigation unfolded, the staggering news. now, four players from the division-i basketball team are under arrest. faces, covered in s
the whole fiscal cliff is forcing them to do something. but you nailed it on the specifics. it is tax rates. the president has said that tax rates will go up for the wealthy. republicans won't bend on that. yesterday, john boehner said, we are at a stalemate. yes, this is posturing. yes, this is washington. we have four weeks to go. we're going to have ups and downs. >> ups and downs in the stock market, as well. david, thanks. have a great weekend. >> reporter: you, too....
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cliff. but on capitol hill, talks there have pretty much hit an impasse at this point. neither republicans nor democrats seem willing to budge on the issue of tax rates for the wealthy. unless the two sides can reach some kind of deal, spending cuts and also tax hikes will collectively take effect starting january 1st. the clock is ticking. >> it is. >>> the united nations has overwhelmingly approved recognition of a palestinian state, a move staunchly opposed by the u.s. and israel. >> but in the west bank and gaza, palestinians, they celebrated on the streets. the historic vote upgrades palestine to nonmember nonvoting observer status only. meanwhile, u.s. ambassador, susan rice, she denounced the resolution. saying, quote, it's counterproductive to the goal of mideast peace. >> and the palestinian people will wake up tomorrow and find that little about their lives has changed, save that the prospects of a durable peace have only receded. >> rice added that the u.s. will continue to stand
cliff. but on capitol hill, talks there have pretty much hit an impasse at this point. neither republicans nor democrats seem willing to budge on the issue of tax rates for the wealthy. unless the two sides can reach some kind of deal, spending cuts and also tax hikes will collectively take effect starting january 1st. the clock is ticking. >> it is. >>> the united nations has overwhelmingly approved recognition of a palestinian state, a move staunchly opposed by the u.s. and...
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insult and finger pointing in the fiscal cliff debate. tax rates spike and spending slashed. congress is breaking for the holidays in two weeks. it could send the economy spinning in directions. $1.6 trillion in tax hikes. he will travel to pennsylvania to sell it to you. republicans aren't buying it. listen to house speaker, john boehner. >> despite the claims the president supports a balanced approach, the democrats have yet to get serious about real spending cuts. >> democrats are firing right back at boehner. harry reid getting a little personal. >> i don't understand his brain, so you should ask him. okay? >> ouch. athena jones live from washington. same old same old. where do we go from here? >> that's the big question. the nice talk after the election is pretty much gone away. you mentioned one of the big sticking points, that's taxes. republicans and democrats can't agree on how to raise the tax revenue? end the bush tax cuts for the wealthy, close the loopholes, raise the capital gains taxes or all of the above. right now, they can't agree on how much money should be
insult and finger pointing in the fiscal cliff debate. tax rates spike and spending slashed. congress is breaking for the holidays in two weeks. it could send the economy spinning in directions. $1.6 trillion in tax hikes. he will travel to pennsylvania to sell it to you. republicans aren't buying it. listen to house speaker, john boehner. >> despite the claims the president supports a balanced approach, the democrats have yet to get serious about real spending cuts. >> democrats...
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we are distracted by the fiscal cliff. let there be a economic growth. interest rates would go up. interest rates will stay reasonably low. we should be glad that we have this economy. either we really go down the cliff or let some growth kick in and indeeddwhat happens, interest rates will go up. ultimately, inflation is the road we will be heading on. dagen: is there anything you can look at today that shows interest rates will go up? >> what we know now is that the federal reserve no longer focuses on inflation, but on employment. that is why the unemployment rate will be ever more important today. next year, the federal reserve will be even more starvation -- we are going to push growth at any cost: the cost being inflation. at some point, the market will take point. we are going to have a lot of turmoil. we do not have a european crisis. we are certainly a candidate. higher rates will be in it. dagen: higher by how much quick select you have 1.6% on the ten year period >> in recent years, everyone has felt warm and fuzzy. let volatility go back to normal time. you do not need
we are distracted by the fiscal cliff. let there be a economic growth. interest rates would go up. interest rates will stay reasonably low. we should be glad that we have this economy. either we really go down the cliff or let some growth kick in and indeeddwhat happens, interest rates will go up. ultimately, inflation is the road we will be heading on. dagen: is there anything you can look at today that shows interest rates will go up? >> what we know now is that the federal reserve no...
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. >>> what are the long term effects for business travel if the economy falls off the fiscal cliff? the gbta predicts the reduced deficits and lower interest rates will lead to growth in the economy and an increase in business travel spending. >>> welcome back. now to the weather channel. reynolds wolf is standing by. what is happening around the country today? >> the story is all west. everything is taking place out west. rain, some strong winds, even some snow. some places snow getting up to around 2, 3 feet, but that is high elevation. but for the eastern seaboard, pretty quiet p. temperatures very mild this time of year. when you get into the center of the u.s., still fairly mild conditions. a bit cooler as you might imagine in spots up like towards the twin cities and even over towards chicago. but then out west, that's where the trouble really brews. it's that time of year that there's norm lay big area of high pressure that sets up off the west coast. that's gone and that allows all the pacific moisture to come through. high snow will be an issue. rain in seattle. so how is i
. >>> what are the long term effects for business travel if the economy falls off the fiscal cliff? the gbta predicts the reduced deficits and lower interest rates will lead to growth in the economy and an increase in business travel spending. >>> welcome back. now to the weather channel. reynolds wolf is standing by. what is happening around the country today? >> the story is all west. everything is taking place out west. rain, some strong winds, even some snow. some...
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there will be no deal to avert going over the fiscal cliff. >> we're going to have to see the rates on the top 2% go up. and we're not going to be able to get a deal without it. >> reporter: house republicans are adamant, no tax rate increases. >> we're willing to put revenues on the table. revenues that come from closing loopholes, getting rid of special interest deductions and not raising rates. >> reporter: but what the republicans are offering sounds a lot like what the president wanted during last year's budget showdown. >> give us $1.2 trillion in additional revenues, which could be accomplished without hiking tax rates by eliminating loopholes, eliminating some deductions. >> reporter: today, however, the president says those moves will not be enough. and the latest pew poll shows a lot of public pessimism. with 49% of the public saying they do not expect a deal to be struck by the deadline. 40%, a little more optimistic. george? >> sure looks like this will go right to the deadline. jake, thanks very much. >>> george, now, we're going to get the latest on that internet milliona
there will be no deal to avert going over the fiscal cliff. >> we're going to have to see the rates on the top 2% go up. and we're not going to be able to get a deal without it. >> reporter: house republicans are adamant, no tax rate increases. >> we're willing to put revenues on the table. revenues that come from closing loopholes, getting rid of special interest deductions and not raising rates. >> reporter: but what the republicans are offering sounds a lot like what...
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called the fiscal split or the fiscal cliff because president obama's plan to avoid the fiscal cliff is not exactly flying with republicans. 32 days now count with me 32 tax rates soar, spending cuts automatically kick in and keep in mind there is a date that we're watching also before this, congress break for the holidays in all of 14 days. >> so to review the president's plan calls for $1.6 trillion in tax hikes, $50 billion in new stimulus spending, and $400 billion in unspecified cuts. the president for himself he's heading to a manufacturing plant in pennsylvania today to try to sell that idea. house speaker john boehner's reaction was essentially, get serious. so we want to talk about the numbers behind this. we're going to bring in ken rogoff, professor of economics and public policy at harvard university. you heard the specifics of the plan, $1.6 trillion in new taxes, $400 billion in unspecified cuts, $50 billion in new stimulus. how does this sound to you? >> well, it certainly sounds like a plan. and i do think we have to see some mix of higher revenues starting now and fr
called the fiscal split or the fiscal cliff because president obama's plan to avoid the fiscal cliff is not exactly flying with republicans. 32 days now count with me 32 tax rates soar, spending cuts automatically kick in and keep in mind there is a date that we're watching also before this, congress break for the holidays in all of 14 days. >> so to review the president's plan calls for $1.6 trillion in tax hikes, $50 billion in new stimulus spending, and $400 billion in unspecified...
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. >> based on the procespect of going over the fiscal cliff which you just called serious business or extending the lower tax rates and not the upper ones, which one would you choose? >> i'm going to do everything i can to avoid putting the american economy, the american people through the fiasco of going over the fiscal cliff. >> which is worse, though, for the economy? >> -- the balance that you talked about, could you include the debt limit increase in the overall package? >> as i told the president a couple weeks ago, there are a lot of things i've wanted in my life, but almost all of them had a price tag attached to them. and if we're going to talk about the debt limit in this, then there's going to be shall price tag associated with it. >> last question. >> are you standing by your dollar for dollar for cuts? >> i tip to believe any increase in the debt limit has to be accompanied by spending reductions that meet or exceed it. >> thank you. >>> all right. listening to speaker john boehner there after his meeting with tim geithner. coming out -- didn't hear it right off the top,
. >> based on the procespect of going over the fiscal cliff which you just called serious business or extending the lower tax rates and not the upper ones, which one would you choose? >> i'm going to do everything i can to avoid putting the american economy, the american people through the fiasco of going over the fiscal cliff. >> which is worse, though, for the economy? >> -- the balance that you talked about, could you include the debt limit increase in the overall...
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each day toward the fiscal cliff is also another day closer to the country maxing out on its borrowing limits. president obama called it a dangerous lesson when he talked to business leaders today. >> the only thing that debt ceiling is good for as a weapon is to destroy your credit rating. >> reporter: he's worried republicans may refuse to raise the debt ceiling and risk defaulting on the country's loan. >> that is a bad strategy for america. it's a bad strategy for your businesses. and it is not a game that i will play. >> reporter: republicans are pushing back. >> he's the president, not the emperor. he does not have the power. >> reporter: fiscal cliff negotiations have been at a standstill since monday. not by raising rates on the rich as the president had insisted. >> we're not insisting on rates just out of spite, but rather because we need to raise a certain amount of revenue. >> we can't just keep borrowing money, raising taxes and expecting the problem to go away. >> reporter: house members headed home for a long weekend with democrats so far unsuccessful in their efforts to
each day toward the fiscal cliff is also another day closer to the country maxing out on its borrowing limits. president obama called it a dangerous lesson when he talked to business leaders today. >> the only thing that debt ceiling is good for as a weapon is to destroy your credit rating. >> reporter: he's worried republicans may refuse to raise the debt ceiling and risk defaulting on the country's loan. >> that is a bad strategy for america. it's a bad strategy for your...
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the fiscal cliff, and the american people will hold them responsible. democrats also take issue with the proposal's spending cuts to medicare and social security. republican counter that tough cuts are needed to tackle the soaring debt, leaving washington locked in a stalemate, less than a month before every american sees their taxes shoot up. the gridlock has irritated people outside washington, like deborah page of arlington, texas. >> if i was working the way the president and congress was working, i would probably lose my job. >> reporter: page started a petition that would cease paychecks and health benefits for all members of congress and president obama if they can't avoid the fiscal cliff. the petition's chances are slim. but it's a reflection of americans' frustration with 28 days left. rob and paula? >> tahman bradley live in washington today. thank you, tahman. >>> and as talks over the fiscal cliff drag on, a new poll finds that most americans do not think very highly of congress. one in ten americans rate the honesty and ethical standards o
the fiscal cliff, and the american people will hold them responsible. democrats also take issue with the proposal's spending cuts to medicare and social security. republican counter that tough cuts are needed to tackle the soaring debt, leaving washington locked in a stalemate, less than a month before every american sees their taxes shoot up. the gridlock has irritated people outside washington, like deborah page of arlington, texas. >> if i was working the way the president and congress...
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let's talk about the fiscal cliff. the president says the republicans have to agree to raising the marginal tax rate for the wealthiest top 2% from 35%. does he mean it has to go back up to 39.6% as was the case during the clinton administration or is there some wiggle room in between 35% and 39.6%? >> the president has repeatedly said there's room for compromise. but what this boils down to is a matter of fairness and a matter of math. giving certainty to the middle class is essential. there's no way mathematically, if you look at the republican's proposal, that you can get to the deficit reduction that we need to with preserving the middle class tax cuts by not increasing as the republicans refuse to do the upper tier rates. there's room for discussion, but that -- >> so the 39.6%, that's not a red line? >> as far as i know and the conversations i've had, the president has said there's room for compromise, but for the red line to be drawn in the sand by republicans to say that an increase in rates on the wealthiest a
let's talk about the fiscal cliff. the president says the republicans have to agree to raising the marginal tax rate for the wealthiest top 2% from 35%. does he mean it has to go back up to 39.6% as was the case during the clinton administration or is there some wiggle room in between 35% and 39.6%? >> the president has repeatedly said there's room for compromise. but what this boils down to is a matter of fairness and a matter of math. giving certainty to the middle class is essential....
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comment on the fiscal cliff. headline -- john boehner calling the white house's most recent offer not a serious proposal reiterating the fact that is he willing to put revenues on the table but not through a raise in the tax rates, by closing loopholes. he wants lower tax rates. reiterating the republican position there. harold ford jr., the former democratic congressman, also doug holtz-eakin is the former congressional budget office director. keith banks is here with us as well. harold, your reaction to what the house speaker says here? certainly doesn't seem, if you listen to either the president or the speaker, that we're any closer to a deal. >> i was encouraged by the speaker's remarks. he didn't put his foot down and say no adamantly or irretrievably to anything. whether asked specifically if rate increases were something he could support, he suggested that there were other means and other ways to achieve new revenue. a lot of ways i thought it was a measured response and we live to fight. those of us who
comment on the fiscal cliff. headline -- john boehner calling the white house's most recent offer not a serious proposal reiterating the fact that is he willing to put revenues on the table but not through a raise in the tax rates, by closing loopholes. he wants lower tax rates. reiterating the republican position there. harold ford jr., the former democratic congressman, also doug holtz-eakin is the former congressional budget office director. keith banks is here with us as well. harold, your...
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we'll go back to the fiscal cliff. if high end tax rates are successful entrepreneurs rocket higher, you can bet the number of millionaires in this country is going south. that's if high taxes go up. millionaires go down. that's no good. in our land of opportunity, i want more millionaires. and i think the better for them and the economy. robert frank will join us with some very arresting numbers. high tax, fewer millionaires. not good. two years ago, the people of bp made a commitment to the gulf. bp has paid over twenty-three billion dollars to help those affected and to cover cleanup costs. today, the beaches and gulf are open, and many areas are reporting their best tourism seasons in years. and bp's also committed to america. we support nearly 250,000 jobs and invest more here than anywhere else. we're working to fuel america for generations to come. our commitment has never been stronger. >>> 28 days until the country plummets off the tax and fiscal cliff. big tax hikes could be coming for everyone but we see als
we'll go back to the fiscal cliff. if high end tax rates are successful entrepreneurs rocket higher, you can bet the number of millionaires in this country is going south. that's if high taxes go up. millionaires go down. that's no good. in our land of opportunity, i want more millionaires. and i think the better for them and the economy. robert frank will join us with some very arresting numbers. high tax, fewer millionaires. not good. two years ago, the people of bp made a commitment to the...
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. >> if republicans do not agree to that, is the administration prepared to go over the fiscal cliff? >> absolutely. again, there's no prospect to an agreement that doesn't involve those rates going up on the top 2% of the wealthiest members. only 2%. the size of the problem in some sense is so large it can't be solved without rates going up. again, there is broad recognition of that reality now. >> one fallback option, republicans are reportedly considering to accept tax cuts for the middle class, allow rates to go up to the wealthiest and then start the fight all over again during debt limit talks early next year. yesterday at a business roundtable of ceos, president obama took a hard line warning opponents not to consider the strategy. >> if congress in any way suggests that they're going to tie negotiations to debt ceiling votes and take us to the brink of default once again as part of a budget negotiation which by the way we have never done in our history until we did it last year, i will not play that game. >> senator tom coburn yesterday on "morning joe" became the latest to br
. >> if republicans do not agree to that, is the administration prepared to go over the fiscal cliff? >> absolutely. again, there's no prospect to an agreement that doesn't involve those rates going up on the top 2% of the wealthiest members. only 2%. the size of the problem in some sense is so large it can't be solved without rates going up. again, there is broad recognition of that reality now. >> one fallback option, republicans are reportedly considering to accept tax cuts...
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and 53% say they trust president obama to avoid the fiscal cliff. compared to just 36% who trust republicans in congress. also today speaker boehner said he wouldn't rule out an agreement to raise taxes as part of a fiscal cliff deal. but he also said there's no progress. this is what winning looks like. joining me now, e.j. dionne and thank you both for your time. senator solis, the jobless rate is at a four-year low. that's quite an achievement. >> yes, reverend re. but we still need to do more. in sectors like retail and health care and tourism and hospitality. we need to do more because people are still suffering. we've got to put jobs back in infrastructure and construction and put our teachers. that's why the president is working so hard so we don't go off the fiscal cliff so we keep the most vulnerable people out of harm's way. to pay $2,200. we've got to talk about fairness here and i'm very excited that the public is listening to the message that the president has made very, very clear. >> 146,000 new private sector jobs last month but one
and 53% say they trust president obama to avoid the fiscal cliff. compared to just 36% who trust republicans in congress. also today speaker boehner said he wouldn't rule out an agreement to raise taxes as part of a fiscal cliff deal. but he also said there's no progress. this is what winning looks like. joining me now, e.j. dionne and thank you both for your time. senator solis, the jobless rate is at a four-year low. that's quite an achievement. >> yes, reverend re. but we still need to...
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cliff. it is a $2.2 trillion offer that does not raise the tax rate on the wealthiest americans and that has become the central issue of the negotiations. the white house says republicans still are not ready to get serious. susan mcginnis is in washington with the back and forth details. susan, good morning to you. >> reporter: good morning, terrell. gop leaders here on capitol hill sent their plan to the white house in this letter on monday, and now that both initial offers are out there, both sides say it's time to get serious. governors from six states are headed here to washington today to tell president obama their thoughts on the fiscal cliff. the bipartisan group says both sides need to work together to avoid the tax increases and spending cuts due to kick in at the end of the year. >> no one's going to get what they want, but as a country to move forward, we've got to figure out who gives where, and if everything is going to be out on the table, how do we negotiate that? >> reporter:
cliff. it is a $2.2 trillion offer that does not raise the tax rate on the wealthiest americans and that has become the central issue of the negotiations. the white house says republicans still are not ready to get serious. susan mcginnis is in washington with the back and forth details. susan, good morning to you. >> reporter: good morning, terrell. gop leaders here on capitol hill sent their plan to the white house in this letter on monday, and now that both initial offers are out...
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cliff. instead of reforming the tax code, cutting spending, the president wants to raise tax rates. even if the president got the tax rate hike that he wanted, understand that we would continue to see trillion dollar deficits for as far as the eye can see. washington has a spending problem. not a receive knew problem. the president doesn't agree with our proposal, i believe that he's got an obligation to families and small businesses to offer a plan of his own. a plan that can pass both chambers of the congress. we are ready and eager to talk to the president about such a plan. >> mr. speaker, you did speak with the president earlier this week. can you characterize that call? did he have any kind of counteroffer? also, we understand that he just is making clear that it is -- got to be increase in rates for the wealthy or no deal. are you willing to give a little bit, maybe just not all the way to 39.6? >> it was the -- the phone call was pleasant. but it was just more of the same. the conver
cliff. instead of reforming the tax code, cutting spending, the president wants to raise tax rates. even if the president got the tax rate hike that he wanted, understand that we would continue to see trillion dollar deficits for as far as the eye can see. washington has a spending problem. not a receive knew problem. the president doesn't agree with our proposal, i believe that he's got an obligation to families and small businesses to offer a plan of his own. a plan that can pass both...
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cliff today. republicans complained the white house has yet to provide specifics about how the president would curve the rapid growth of programs like medicare and medicaid. the president is insisting that tax rates go up on families will accede to under $50,000 a year. house speaker john banar is adamant that any tax revenues come from overhauling the tax code. clearing tax breaks and lowering rates for everyone. >> two tickets last night. one was sold in arizona one was sold in missouri in both matched all six numbers. arizona lottery officials said they have no information on the winter. they look at now is where it was sold at a press conference. two very lucky ticket holders. >> authorities have released the two names of two teenage girls were shot and killed during a weekend in oakland. 16 year old bobbysartan and 16 euro raquel gerstall will found 6:00 a.m. sunday morning with multiple gunshot spirit please do not have a motive for the killings now. they do not know why the girl for on an o
cliff today. republicans complained the white house has yet to provide specifics about how the president would curve the rapid growth of programs like medicare and medicaid. the president is insisting that tax rates go up on families will accede to under $50,000 a year. house speaker john banar is adamant that any tax revenues come from overhauling the tax code. clearing tax breaks and lowering rates for everyone. >> two tickets last night. one was sold in arizona one was sold in missouri...
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i think without the fiscal cliff, we will do all right. lori: tax rates or than likely are going up, at least for one class. you have this slow growth. at the same time, think of the federal reserve keeping rates low for so long. we could be in serious trouble. >> on the inflation front, we are not very worried for the next year or two. it is out there, but not the next year or two. they will phase in whatever tax increase they put in. it will not hit next year. it will phase in over a couple years. that is the smart way to do it. lori: thank you for your time. >> thank you. you bet. melissa: i would like to be optimistic. date -- details of the probe have not been released. over 80 people have already been questioned about the more than $5 billion in trading losses last day. peter barnes has the exquisite details right now. peter: we first learned about this probe in september through news media reports. the number of people questioned suggest that the scope of this thing is broad and could lead to more political problems in washington fo
i think without the fiscal cliff, we will do all right. lori: tax rates or than likely are going up, at least for one class. you have this slow growth. at the same time, think of the federal reserve keeping rates low for so long. we could be in serious trouble. >> on the inflation front, we are not very worried for the next year or two. it is out there, but not the next year or two. they will phase in whatever tax increase they put in. it will not hit next year. it will phase in over a...
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house republicans today did offer a counter proposal on the fiscal cliff. their plan, $2.2 trillion deficit savings over the next decade, but it does not include higher tax rates for the wealthy. the house speaker john boehner calls it a credible plan that deserves serious consideration by the white house. guess what? the white house released a statement tonight saying the plan is nothing new, that it lowers rates for the wealthy and sticks the middle class with the bill. so to borrow a phrase, we're nowhere. period. david walker is president and ceo of comeback america initiative. he's made it his mission to promote fiscal responsibility. he joins us along with cnn political analyst, david gergen. david walker, let me start with you. the house republicans put forward their counter proposal. speaker boehner says it's credible and the white house should consider it. is it credible or is it more of what you have called the irresponsible unethical immoral behavior of all the politicians here in washington? >> i think both sides are now putting things on the ta
house republicans today did offer a counter proposal on the fiscal cliff. their plan, $2.2 trillion deficit savings over the next decade, but it does not include higher tax rates for the wealthy. the house speaker john boehner calls it a credible plan that deserves serious consideration by the white house. guess what? the white house released a statement tonight saying the plan is nothing new, that it lowers rates for the wealthy and sticks the middle class with the bill. so to borrow a phrase,...
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the people polled gave car dwreerls a high rating for standards. members of congress received highest parks from just 10% of the surveyed. senators did a bit better. governors ranked 15th. nurses most trusted professionals followed by pharmacists and doctor autos california legislature welcomed it's largest batch of freshman lawmakers. 39 new legislateors sworn in at the state capitol today. joining a session. democrats have a super majority for the first time since 1883 in this state, holding 29 of 40 seats. john perez promised to reach out to republican minority. >> i want to state your krois vois is welcome, contributions desired and active services needed. >> early focus will be on a special session called next month to debate implementing the president's affordable health care achblgt san francisco and peninsula remembering a passionate public servant, mike nevin died of cancer after 27 years as a police inspector he entered local politics in san mateo county earning a reputation as a compassionate advocate for disadvantaged people, including
the people polled gave car dwreerls a high rating for standards. members of congress received highest parks from just 10% of the surveyed. senators did a bit better. governors ranked 15th. nurses most trusted professionals followed by pharmacists and doctor autos california legislature welcomed it's largest batch of freshman lawmakers. 39 new legislateors sworn in at the state capitol today. joining a session. democrats have a super majority for the first time since 1883 in this state, holding...
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both sides sticking to party lines refusing to budge on the fiscal cliff. we will break through the gridlock on the last day of our special series fiscal cliff survival kits. david dietz from another taken. dennis: what your small business needs to do to prepare for falling off of the cliff. cheryl: in all of this is a silver lining especially dividend payouts and stimulus payoffs. dennis: a push to replace the paper dollar with a coin. won't believe how much money for taxpayers. cheryl: lauren simonetti in the stock exchange. >> the nasdaq anderson be a higher but not for the dow. the dow is negative but the other two are positive. the second week in a row, all three indices are down right now and near session lows, relatively flat, major declines, and major comments out of anybody in washington regarding the fiscal cliff today so we have this cautious market. let's look at the biggest loser in the s&p 500, cabarrus 9. shares are tanking 14%. they operate diaz they.com internet addresses, they renewed contract with regulators but as part of the deal they c
both sides sticking to party lines refusing to budge on the fiscal cliff. we will break through the gridlock on the last day of our special series fiscal cliff survival kits. david dietz from another taken. dennis: what your small business needs to do to prepare for falling off of the cliff. cheryl: in all of this is a silver lining especially dividend payouts and stimulus payoffs. dennis: a push to replace the paper dollar with a coin. won't believe how much money for taxpayers. cheryl: lauren...
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cliff. treasury secretary tim geithner is on capitol hill right now set to meet with nancy pelosi in less than an hour. earlier today geithner met behind closed doors with house speaker john boehner, senate majority leader harry reid and frank mcconnell. the word he used to describe the overall negotiations, disappointing. >> no substantive progress has been made in the talks between the white house and the house over the last two weeks. listen, this is not a game. jobs are on the line. the american economy is on the line. and this is a moment for adult leadership. campaign style rallies and one-sided leaks in the press are not the way to get things done here in washington. >> democrats today said they're confident a deal can be reached by christmas. but admit negotiations would need to pick up steam. as for senator reid, he says it's now up to the gop to make the next move. >> we're still waiting for a serious offer from the republicans. the president has made his proposal. we need a propos
cliff. treasury secretary tim geithner is on capitol hill right now set to meet with nancy pelosi in less than an hour. earlier today geithner met behind closed doors with house speaker john boehner, senate majority leader harry reid and frank mcconnell. the word he used to describe the overall negotiations, disappointing. >> no substantive progress has been made in the talks between the white house and the house over the last two weeks. listen, this is not a game. jobs are on the line....
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goes over that fiscal cliff, people in california will pay a ton in extra taxes. california would have the highest earners there would pay almost 52% as their marginal income tax rate. the highest in the country. the only state that would have a calculated rate would be hawaii. three percentage points to the marginal state income tax rate. we will have entrepreneur ethan anderson coming up, maybe tomorrow, to talk about what that does for business. connell: the tax man is for amazon. the irs calling for back taxes after accusing the company of avoiding billions of dollars of taxes in the united states and europe. the accusations, after amazon bought a home in luxembourg and channeled their sales through it in order to create a tax shelter for the american and european governments. the stock by $0.24. dagen: make sure to wash your hands before you check out. according to a new survey, 16% of online holiday shopping is conducted on the pot. from the toilet. in the john. more than 38 million adults admit to shopping with their pants around their ankles. the study did
goes over that fiscal cliff, people in california will pay a ton in extra taxes. california would have the highest earners there would pay almost 52% as their marginal income tax rate. the highest in the country. the only state that would have a calculated rate would be hawaii. three percentage points to the marginal state income tax rate. we will have entrepreneur ethan anderson coming up, maybe tomorrow, to talk about what that does for business. connell: the tax man is for amazon. the irs...
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the impact of the fiscal cliff solution on that broader growth instead of focusing so much on what the tax rates will do. >>> coming up next, spy games. america's doubling its overseas spy network.cost coming up. >>> a prescription to sell. we have an analyst who's making a big call after a 60 minutes report last night made a big claim about a big hospital chain. that's ahead. >>> it is "street talk" time. happy monday, everybody. let's take a look first of all at what's happening with research in mission. this stock is down, on quite a roller coaster recently. >> downgraded to a sell from a hold. canaccord doesn't see consumer poll necessary for the blackberry 10 to reverse the overall. they say blackberry 140 won0 wo a bust but it won't be enough to move the ship in the right direction. rim stock is up 53% since october 1st. >> but still down 20% year to date. >> it's coming back. >>> josh brown may win the stocks draft just yet. >>> deckers stock bolting higher, all down to sparkling leopard print uggs. >> stern ag hiked the rating to buy from neutral. set a $65 price target. they s
the impact of the fiscal cliff solution on that broader growth instead of focusing so much on what the tax rates will do. >>> coming up next, spy games. america's doubling its overseas spy network.cost coming up. >>> a prescription to sell. we have an analyst who's making a big call after a 60 minutes report last night made a big claim about a big hospital chain. that's ahead. >>> it is "street talk" time. happy monday, everybody. let's take a look first of...
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so with 29 days to go until the fiscal cliff, what would it take to get a deal? joining me now, men on opposite sides, grover norquist, president of americans for tax reform and robert reish, former secretary of labor for president bill clinton and the author of "beyond outrage." none of the three of us are beyond outrage, grover norquist, which is why i keep having you back. the situation it seems to me as an impartial observer here is that both sides have now made fairly ludicrous offers that they know the other side is never going to accept in a million years. that does beg the question, grover, why bother, given that both sides know where they need to move, why the games? >> well, it's not clear that both sides know. the week after the election, president obama was asked do you have to have the higher rates or could we have deductions and credits and he said he was open to negotiations. three weeks later, after thanksgiving, he shows up and all of a sudden there's a line in the sand on rates that had come out of nowhere, so the president seems to be moving th
so with 29 days to go until the fiscal cliff, what would it take to get a deal? joining me now, men on opposite sides, grover norquist, president of americans for tax reform and robert reish, former secretary of labor for president bill clinton and the author of "beyond outrage." none of the three of us are beyond outrage, grover norquist, which is why i keep having you back. the situation it seems to me as an impartial observer here is that both sides have now made fairly ludicrous...
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well, the easiest way to end the uncertainty about the fiscal cliff and tax rates and their potential impact of the vast majority of americans as they go into this vital holiday shopping season that's pretty central to our economy is for us to pass that and say okay, that part of this is over. the $2,000 on average tax hike that most working families are facing, if we go over the cliff done, taken care of. now, let's work through the balance of increased revenue on the high income earners and spending cuts that we need to get done to achieve a roughly $4 trillion savings. >> bill: and closing loopholes and other issues. >> that's a difficult process. there's lots of detail to it. in my view, there's two bad outcomes here that are quite possible. first is we do nothing. which is -- something we seem to have shown some real capability of. but if we go over the if is cal cliff, which is really more of a slope than a cliff. it is not like y2k where january 1, everybody has a dramatic cuts in services and dramatic increases in taxes. that will smooth in over time. that will happen over som
well, the easiest way to end the uncertainty about the fiscal cliff and tax rates and their potential impact of the vast majority of americans as they go into this vital holiday shopping season that's pretty central to our economy is for us to pass that and say okay, that part of this is over. the $2,000 on average tax hike that most working families are facing, if we go over the cliff done, taken care of. now, let's work through the balance of increased revenue on the high income earners and...
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>> yeah. >> blake, if there is a deal to avoid the so-called fiscal cliff, could these jobs numbers get considerable better? >> i think so, but it's funny. the republicans are in a bit of a box here. their motivation is to say it's not so good. a lot of jobless people out there. we have a real problem. meanwhi meanwhile, we have fiscal cliff negotiations where the president wants stimulus mechanisms including an extension of unemployment insurance. they're like a doctor who diagnosed you with a severe ill sxns won't sign the precipitation to give you the medicine. they emphasize the joblessness problem, and they don't want to give you unemployment insurance and tell that to someone laid off sleeping in their car. >> with these jobs numbers, had hurricane sandy not struck how better would this report have been? >> a lot of this was construction job weakness. clearly, that will rebound. one of the unfortunate upsides of natural disaster is that you do, whether the states or federal governments do it or insurance companies, you have a lot of infrastructure spending as people rebuild from t
>> yeah. >> blake, if there is a deal to avoid the so-called fiscal cliff, could these jobs numbers get considerable better? >> i think so, but it's funny. the republicans are in a bit of a box here. their motivation is to say it's not so good. a lot of jobless people out there. we have a real problem. meanwhi meanwhile, we have fiscal cliff negotiations where the president wants stimulus mechanisms including an extension of unemployment insurance. they're like a doctor who...
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>>catherine: the white house is rejecting a republican averting the "fiscal cliff,"... saying it would lower tax rates for the wealthy and stick the middle class with the bill. the house republican plan calls for 800-billion dollars in higher tax revenue over 10 years... but would keep the bush-era tax cuts in place for all income earners. president obama wants to end tax cuts for americans making more than 250-thousand dollars a year. the bottom line -- lawmakers made no progress today on an agreement. >> mitt romney has a job again.. he's returning to the board of directors at marriott international hotel.... he's been on the board twice before - but left to run for political office. romney has kept a low profile since the election - spending his time with his family at their california home. the romney and marriott families are close -- in fact - willard mitt romney was named after the hotel's founder -- j. willard marriott... >> heavy fighting between rebel and government forces in syria. now there is concern that syria could plan on using chemical weapons against t
>>catherine: the white house is rejecting a republican averting the "fiscal cliff,"... saying it would lower tax rates for the wealthy and stick the middle class with the bill. the house republican plan calls for 800-billion dollars in higher tax revenue over 10 years... but would keep the bush-era tax cuts in place for all income earners. president obama wants to end tax cuts for americans making more than 250-thousand dollars a year. the bottom line -- lawmakers made no...
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we have watched food statches go up and disability claims go up dramatically and looking at the fiscal cliff and talking about raising taxes that will not put a dent in the spending, so what is the answer? >> gretchen: the suggestion i make let's go back to the programs we had five or six years ago. there was a safety net five or six years ago. if you lost your job in 2006, you got some help but not the type of help people have got since then. we go back to that situation and maybe we have a hope much having a labor market go back to the way it was five or six years ago. >> gretchen: professor which politician, republican or democrat is going to be doing what you just said? >> not the ones from my district. >> gretchen: i mean, they are in eight bind are they not? republicans and democrats are in a bind. will be the one to come to the podium and say let's stop those unemployment benefits. >> it is a bind and the europeans worked it out before . they found helping for the unemployed is politically popular and economically damaging and they did it for decade upon decade and continue to d
we have watched food statches go up and disability claims go up dramatically and looking at the fiscal cliff and talking about raising taxes that will not put a dent in the spending, so what is the answer? >> gretchen: the suggestion i make let's go back to the programs we had five or six years ago. there was a safety net five or six years ago. if you lost your job in 2006, you got some help but not the type of help people have got since then. we go back to that situation and maybe we...
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fiscal cliff? guest: if we go off the cliff, the rate will go up to 39.6%. the low bracket will go away and the lowest tax bracket will be 15% if we go off the cliff. 15% to 39.6% if the goal of the cliff. -- if we go off the cliff. caller: what about the other rates? host: we have a question on twitter. guest: you don't pay taxes on losses. if you're making profits and a picture up over to roger $50,000, that could result in a tax increase -- if you make a you overd that takes you ovkics $250,000. caller: we need jobs in this country. i hear all this money being talked. the average worker -- i am lucky i get 30 hours. 20 hoursutting down to walmart.t i had a good manager. in.otice a woman comes the she says we can get anybody to work. you talk about the tax credits. most of us have no chance of getting anything like that. this is too low republicans and democrats. fascism and communism, it was always party first. that's what our country has come to. we have to come together as true conservatives a
fiscal cliff? guest: if we go off the cliff, the rate will go up to 39.6%. the low bracket will go away and the lowest tax bracket will be 15% if we go off the cliff. 15% to 39.6% if the goal of the cliff. -- if we go off the cliff. caller: what about the other rates? host: we have a question on twitter. guest: you don't pay taxes on losses. if you're making profits and a picture up over to roger $50,000, that could result in a tax increase -- if you make a you overd that takes you ovkics...
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cliff." it calls for $2.2 trillion in savings over ten years, but no hike in tax rates. and the u.n. announced it's pulling nonessential international staffers from syria, while u.s. officials warned the syrian government not to use chemical weapons on its people. online, an update to a law in saudi arabia renews a debate about male guardianship. hari sreenivasan has more. >> sreenivasan: now whenever a saudi woman leaves the country, her husband or father receives a text message. the recent changes to the long- held system of male guardianship sparked outrage on twitter recently. i spoke to a journalist in saudi arabia who says the practice reinforces male control. our conversation is in the rundown. today's science roundup features dragonflies, or as one science writer calls them "the bengal tigers of the microworld." find the story on our home page. how can you secure a larger social security payment from an ex-spouse? the answer is in this week's installment of "ask larry." all that and m
cliff." it calls for $2.2 trillion in savings over ten years, but no hike in tax rates. and the u.n. announced it's pulling nonessential international staffers from syria, while u.s. officials warned the syrian government not to use chemical weapons on its people. online, an update to a law in saudi arabia renews a debate about male guardianship. hari sreenivasan has more. >> sreenivasan: now whenever a saudi woman leaves the country, her husband or father receives a text message....
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know, as of right now, december 3rd and we have obviously a few weeks here before the fiscal cliff hits, as of right now neither side is budging and republicans are saying that they're not going to budge on those income tax rates but the white houses drawing a line over this. >> what do we know about plans for this week? i mean, apart from everybody spouting off hot air on talk shows do they have -- i'm sorry to be so crass but i'm getting a little annoyed by all the talk at us. >> reporter: yeah. >> instead of with each other. do they have any meetings planned? >> reporter: i'm not saying it's not an annoying process and i think americans feel exactly that way. there's no official meetings right now between the white house and congressional leaders. of course, there are meetings going on behind the scenes and contacts between the white house and congressional republicans but nothing official. president obama is taking this sort of outside strategy where as we saw him last week he goes outside of washington. he'll be giving remarks to the business roundtable this week, meeting with busi
know, as of right now, december 3rd and we have obviously a few weeks here before the fiscal cliff hits, as of right now neither side is budging and republicans are saying that they're not going to budge on those income tax rates but the white houses drawing a line over this. >> what do we know about plans for this week? i mean, apart from everybody spouting off hot air on talk shows do they have -- i'm sorry to be so crass but i'm getting a little annoyed by all the talk at us. >>...
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however, once we sail off the fiscal cliff, if they raise the income tax rates, some of these guys could wind up paying 43.4% on their income. so what are you going to do? pay 15% now or perhaps 43.4% later? costco is saying let's go ahead, let's get this out now and we can all be richer. >> gretchen: but why the story is so important is because this particular ceo spoke at the democratic national convention in support of the president and raising taxes. so some people might say this is hypocrisy in the sense that now he would do this dividend sale and cash in before he has to pay this higher tax rate. some people would say that that is hypocritical. >> brian: they've been downgraded by fitch as well as standards and poor is for doing this. >> gretchen: now the rest of your headlines. adult smuggler rams his boat into a federal boat off the coast of california near santa cruz island in the middle of the night. the coast guard intercepted two boats believed to be carrying marijuana. that's when the driver of one of the boats actually drove over the top of the coast guard boat, hitting two
however, once we sail off the fiscal cliff, if they raise the income tax rates, some of these guys could wind up paying 43.4% on their income. so what are you going to do? pay 15% now or perhaps 43.4% later? costco is saying let's go ahead, let's get this out now and we can all be richer. >> gretchen: but why the story is so important is because this particular ceo spoke at the democratic national convention in support of the president and raising taxes. so some people might say this is...
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12/12
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joining me is bob casey who is moderating the hearing on the fiscal cliff next week. sir, i start with the comparison of the two plans so everyone can see this. the gop plan through closing loopholes and no deductions and rate hikes, as we pointed out as exposed under the democratic plan. the republican plan includes more entitlements through republican reform and then eligibility age being raised than the gop plan including changes of social security not addressed under the president's plan. so these plans, obviously, to the naked eye, they deliver greatly. no matter what con eggs sessions will be made on oert side, explain where you see the sensible center. >> first of all, that plan makes no sense because it forgets about and casts aside the most important focus we've got to bring to this, is what happens to middle income families. that's where the house should pass the legislation. we've already passed. give some certainty. get that part of the deal done. then we can have a debate about upper income folks. the idea that you have a bill in the house that will prote
joining me is bob casey who is moderating the hearing on the fiscal cliff next week. sir, i start with the comparison of the two plans so everyone can see this. the gop plan through closing loopholes and no deductions and rate hikes, as we pointed out as exposed under the democratic plan. the republican plan includes more entitlements through republican reform and then eligibility age being raised than the gop plan including changes of social security not addressed under the president's plan....
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Dec 7, 2012
12/12
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KTVU
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fight over the fiscal cliff. let's take a look -- a look at the numbers. the labor department reports 146,000 job were -- jobs were added last month. the unemployment rate reached a four-year low, 7.7%, from 7.9% the year before. democrats say the report shows the economy is improving enough that the wealthiest 2% of americans can afford a tax increase. but house speaker john boehner just talked to reporters here at the capitol. he says increasing tax rates will jeopardize the gains. he sounds very frustrated about where the talks are right now. >> this isn't a progress report because there's no progress to report. when it comes to the fiscal cliff that's threatening our economy and threatening jobs, the white house has wasted another week -- another week. >> reporter: there are reports this morning that fiscal cliff negotiations are really between president obama and speaker boehner right now. the speaker said he spoke on the phone with the president yesterday and it was a pleasant conversation. but more of the
fight over the fiscal cliff. let's take a look -- a look at the numbers. the labor department reports 146,000 job were -- jobs were added last month. the unemployment rate reached a four-year low, 7.7%, from 7.9% the year before. democrats say the report shows the economy is improving enough that the wealthiest 2% of americans can afford a tax increase. but house speaker john boehner just talked to reporters here at the capitol. he says increasing tax rates will jeopardize the gains. he sounds...